Duquette said shares of Future FinTech fell following the SEC’s announcement of its suit, declining more than 20% to close at $1.02 per share on Jan. 12.
Duquette’s complaint also notes Future FinTech is facing a securities class action in New Jersey federal court and that the company has already been damaged financially due to the defendants’ actions.
The derivative suit accuses the defendants of violating the Exchange Act, breaching their fiduciary duties and unjust enrichment.
Counsel for Duquette and a representative of Future FinTech did not respond to requests for comment Tuesday.
Duquette is represented by Vikrant Pawar of Pawar Law Group PC.
Counsel information for Future FinTech and the individual defendants was not available Tuesday.
The case is Duquette v. Huang et al., case number 2:24-cv-06668, in the U.S. District Court for the District of New Jersey.
